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Raimondos-Møller, Pascalis; Woodland, Alan D - C.E.P.R. Discussion Papers - 2006

This paper introduces the concept of a steepest ascent tariff reform for a small open economy. By construction, it is locally optimal in that it yields the highest gain in utility of any feasible tariff reform vector of the same length. Accordingly, it provides a convenient benchmark for the...

Persistent link: https://www.econbiz.de/10005662058

Monetary Policy and Exchange Rate Volatility in a Small Open Economy

Galí, Jordi; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2002

reduced to a tractable canonical system in domestic inflation and the output gap. We employ this framework to analyse the … macroeconomic implications of three alternative monetary policy regimes for the small open economy: domestic inflation targeting … exchange rate volatility that they entail. We also discuss a special case for which domestic inflation targeting constitutes …

Persistent link: https://www.econbiz.de/10005662120

On the International Dimension of Fiscal Policy

Benigno, Gianluca; De Paoli, Bianca - C.E.P.R. Discussion Papers - 2009

idiosyncratic shocks. Even when prices are flexible and inflation can costlessly act as a shock absorber to restore fiscal …

Persistent link: https://www.econbiz.de/10005666758

Risk Matters: The Real Effects of Volatility Shocks

Fernández-Villaverde, Jesús; Guerron-Quintana, Pablo A.; … - C.E.P.R. Discussion Papers - 2009

This paper shows how changes in the volatility of the real interest rate at which small open emerging economies borrow have a quantitatively important effect on real variables like output, consumption, investment, and hours worked. To motivate our investigation, we document the strong evidence...

Persistent link: https://www.econbiz.de/10005666783

External Currency Pricing and the East Asian Crisis

Cook, David; Devereux, Michael B - C.E.P.R. Discussion Papers - 2004

This Paper provides a quantitative investigation of the East Asian crisis of 1997-99. There are two essential features of the crisis that we focus on. These are: a) the crisis was a regional phenomenon; the depth and severity of the crisis was exacerbated by a large decline in regional demand;...

Persistent link: https://www.econbiz.de/10005666904

Closing Small Open Economy Models

Schmitt-Grohé, Stephanie; Uribe, Martín - C.E.P.R. Discussion Papers - 2002

The small open economy model with incomplete asset markets features a steady state that depends on initial conditions. In addition, equilibrium dynamics posses a random walk component. A number of modifications to the standard model have been proposed to induce stationarity. This Paper presents...

Persistent link: https://www.econbiz.de/10005791302

A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds

Carroll, Christopher D; Jeanne, Olivier - C.E.P.R. Discussion Papers - 2009

We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive,...

Persistent link: https://www.econbiz.de/10008528533

Green Policies in a Small Open Economy

Bovenberg, A Lans; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1993

In this paper we develop techniques for measuring the trade policy equivalent of domestic distortions, using a distance function approach. Our measure, the Trade Restrictiveness Index, is shown to equal the uniform tariff which is welfare-equivalent to a given pattern of domestic taxes and...

Persistent link: https://www.econbiz.de/10005123781

Trade, FDI and Congestion - the Small and very Open Economy

Dascher, Kristof - C.E.P.R. Discussion Papers - 2000

Typically, a small and open economy trades goods at given world prices. Here, we present a model of a very open small economy, where capital and labour are internationally mobile, too. When investing into infrastructure, the economy’s government attracts not only mobile capital but mobile...

Persistent link: https://www.econbiz.de/10005497938

A Stochastic Dynamic General Equilibrium Model for Greece

Kollintzas, Tryphon; Vassilatos, Vanghelis - C.E.P.R. Discussion Papers - 1996

In this paper we develop a stochastic dynamic general equilibrium model of the Greek economy, in the real business cycle modelling tradition. Household preferences depend on private and public consumption and leisure. Government finances its investment, consumption and transfer payments by means...

Persistent link: https://www.econbiz.de/10005661696

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